The PointState Capital manager couldn’t rebound from a tough 2018

Josh Samuelson is departing PointState Capital, the firm he co-founded. According to a letter from co-founder Zach Schrieber, Samuelson “has decided to retire from investment management.” The manager plans to stay at the hedge fund for “several months” while leadership changes.

The departure comes at a difficult time for the fund, which lost 19% in 2018. The firm was on the wrong side of oil stock positions during the fourth quarter of last year. The firm reported gains of less than 1% this year. However, reports show that it gained 3.6% through December.

Josh Samuelson Exits PointState Capital

Samuelson helped launch the firm in 2011. PointState launched that year with seven former staffers who worked under Stanley Druckenmiller. That launch coincided with Druckenmiller’s decision to shutter Duquesne Capital Management.

The fund launched with $5 billion, with $1 billion coming from Druckenmiller and another $4 from the manager’s clients.

Assets would climb as high as $10 billion after plus-20% gains in 2013 and 2014.

Bloomberg reports that Zack Kurz – a partner at the firm – will take over many of Samuelson’s roles. Kurz will also become the deputy CIO.

The report also mentioned that portfolio manager Grey Ley plans to depart the firm as well. Ley will explore an “entrepreneurial opportunity, according to Schrieber’s letter.

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